This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
IRVING, Texas, June 11, 2014 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power") announced today that it was awarded over $30 million of orders for two major projects of which approximately $18 million is expected to be recognized in 2014.
The Energy Services segment was awarded a contract for the construction of a pipeline terminal in the Niobrara region. The terminal will have 300,000 barrel per day capacity with capability of receiving 4,000 barrels per hour from the gathering system. In addition, the terminal will be designed for 4,000 barrel per day delivery to the transportation pipeline. Construction consists of infrastructure development which includes access and egress with five bi-directional trucking lanes, pipeline and storage tank installation, as well as pumping, separation and filtration systems integration.
The other notable order included the collaboration of the Energy Services segment and Auxiliary Products segment to service one of the largest power producers in the U.S. with a turnkey combined cycle gas turbine inlet chilling solution. Global Power will execute the design and manufacture of the turbine inlet. This will include manufacturing the integrated chilling coils and providing the on-site installation work including civil, mechanical and electrical improvements.
Global Power's Energy Services segment orders are approximately $40 million in 2014, up significantly over the prior year. Global Power's Products Solutions segment orders are approximately $76 million, driven by Auxiliary Products' success with growing its aftermarket business and Electrical Solutions winning new opportunities.
Luis Manuel Ramírez, President and Chief Executive Officer of Global Power, commented, "Our strategy to penetrate opportunities in the natural gas infrastructure investment trend is working well. The structure we put in place last year provided us the necessary platforms for growth and enabled a collaborative commercial strategy. We have booked over $200 million in orders year-to-date, compared with $170 million in the first half of last year. These orders, along with our active bidding pipeline, give us confidence in our previously announced revenue guidance for 2014. Our experienced leadership team is driven to provide solutions that win through innovation and value creation."